Rapid Medical Diagnostic Devices Market
Rapid diagnostic tests (RDTs) are medical diagnostic tests that are fast and easy to carry out. These are low-cost membrane-based and disposable assays that enable to visible proof of the liquid analyte sample. RDTs are suitable for preliminary or emergency medical screening and for use in medicine facilities with limited resources. RDTs cab be an alternative to microscopy in some cases where there is no access to reliable microscopic diagnosis.
The global rapid medical diagnostic kits market was valued at US$ 25,765.5 Mn in 2019 and is forecast to reach a value of US$ 38,173.9 Mn by 2027 at a CAGR of 5.0% between 2020 and 2027.
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Rise in the number of infectious disease cases is expected to augment growth of the global rapid medical diagnostic devices market during the forecast period. For instance, UNAIDS Global HIV & AIDS statistics fact sheet released in 2019, estimated 37.9 million (32.7Mn to 44.0 Mn) individuals across world were suffering with HIV by the end of 2018.
Furthermore, growing number of migrating population is also likely to support growth of the global rapid medical diagnostic devices market. For instance, in 2019, as per the report of International Migration by United Nations, 272 million people across the world migrate internationally and the number increased from 153 million in 1990.
The need of microscopy diagnosis is expected to limit the growth of global rapid medical diagnostic devices market. Lower number of circulating parasites are sometimes not detected with RDT in the sample. Microscopic diagnosis is required after RDT diagnosis, which questions the efficiency of rapid diagnostic kits.
Furthermore, lack of awareness among people regarding access to advanced low cost rapid diagnostic products and Lack of reimbursement policies is expected to hamper growth of the global rapid medical diagnostic devices market. For instance, in July 2018, the Centers for Medicare & Medicaid Services considerably reduced reimbursement of complicated cases such as patients with infectious diseases.
Increasing research and development in biochips and growing funding in R&D of novel rapid tests is expected to open up significant opportunities for key players active in the market. For instance, in May 2020, a team of scientists at Academy of Sciences, Russia, developed 3D biochips and improved analytical process that simplifies further research of specific application for detection of hepatitis C virus.
Furthermore, in January 2018, a project led by University of Glasgow was funded with UD$ 1.85 million, which is a part of Global Challenges Research Fund (GCRF). The project targeted development of novel tests for parasitic illnesses and rapid testing in remote locations to allow rapid diagnosis and treatment of infectious diseases.
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North America dominated the global rapid medical diagnostic kits market in 2019, accounting for 44.4% share in terms of value, followed by Europe and Asia Pacific, respectively.
Rising cases of Covid-19 is likely to augment growth of the rapid medical diagnostic devices market. For instance, in June 2020, the World Health Organization (WHO) 7,273,958 individuals were infected with Coronavirus, and the virus caused 413,372 deaths.
Key players active in the global rapid medical diagnostic kits market comprise, Abbott Laboratories, Inc., Dickinson & Company, Danaher Corporation (Beckman Coulter), MegaCor Diagnostik GmbH, Trinity Biotech plc., Abaxis, Inc., Becton, Bio-Rad Laboratories, Inc., LabCorp, and F. Hoffmann-La Roche Ltd.
Market players are adopting various strategies, such as merger and acquisition to enhance their product portfolio. For instance, in April 2020, Bio-Rad Laboratories, Inc. announced the acquisition of Celsee, Inc., a developer of instruments and consumables for the isolation, detection, and analysis of single cells. Moreover, March 2020, Thermo Fisher Scientific Inc. acquired QIAGEN N.V., a provider of molecular diagnostics and sample preparation technologies.
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